Shoal Creek Mine acquisition increases corporate exposure to metallurgical coal
Peabody's most recent acquisition was completed in December 2018 when the company purchased the Alabama-based Shoal Creek metallurgical coal mine, preparation plant and supporting assets for $389.9 million. The complex is part of the company’s seaborne metallurgical mining segment which has ensured strong demand for its materials amid the recent economic reopening on account of strong demand for steel. Demand for coking coal is expected to remain strong over the coming years as downstream industrial steel and iron manufacturers ramp up production to meet underlying demand and coking coal remains a key input material for these operations.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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